Ibex Holdings to Raise US$60 Million in Initial Public Offering

BPO provider Ibex Global’s parent firm Ibex Holdings has unveiled plans to raise US$60 million through an initial public offering (IPO) on Nasdaq.

The Washington DC-based holdings firm plans to float 4 million shares at a price range of US$14 to US$16.

The proposed flotation of 25% of Ibex’s shares – the minimum float required by the stock exchange – is expected to value its equity at as much as US$115 million.

The principal shareholder of the company is The Resource Group International Limited, which is controlled by TRG Pakistan Limited (TRGP), a publicly traded company in Pakistan. TRGP will remain the outsourcer’s majority shareholder with a 60% stake post-flotation.

Founded in 2004, Ibex Holdings posted US$353 million in sales for the 12 months ended December 31, 2017.

The call center firm may use the proceeds to pay down its US$17 million of net debt and fund its expansion into new markets.

Ibex runs call centers for some of the world’s largest telecoms, consumer electronics, and financial services companies, and employs 3,900 full-time staff in 16 locations across the world.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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